Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch 14 $231 $237 Cypress 29 52 75 Mountain Ash 44 164 164 Spruce 23 41 63 Willow 46 243 219 Inventory at the Lower of Cost or Market Total Cost Total Market Total LCM Inventory Item Birch $ $ Cypress Mountain Ash Spruce Willow Total EF G per Unit EXHIBIT 9 Determining Inventory at Lower of Cost or Market (LCM) A 1 2 3 Item 4 Echo 5 Foxtrot 6 Sierra 7 Tango 8 Total 9 B D Market Value Inventory Cost per Quantity Unit (Net Realizable Value) 400 $10.25 $ 9.50 120 22.50 24.10 600 8.00 7.75 280 14.00 14.75 Total Cost Market $ 4,100 $ 3,800 2,700 2,892 4,800 4,650 3,920 4,130 $15,520 $15,472 LCM $ 3,800 2,700 4,650 3,920 $15,070